Big Tech could face big fines in the EU
 

6-10 per cent of their profits

Amazon, Apple, Facebook and Google may have to change their business practices in Europe or face hefty fines between 6-10 per cent of their profits under new draft EU rules.

The rules are the most serious attempt by the 27-country bloc to rein in the power of the US tech giants which control troves of data and online platforms on which thousands of companies and millions of Europeans rely on.

They mark the European Commission’s frustration with its antitrust cases against the tech giants, notably Google, which critics say did not address the problem.

Regulatory scrutiny has been growing worldwide of tech giants and their power.

European Competition Commissioner Margrethe Vestager and EU Internal Market Commissioner Thierry Breton will present the rules, a bid not just to rein in tech giants but also to prevent the emergence of anti-competitive dominant companies.

One set of rules called the Digital Markets Act calls for fines up to 10 per cent of annual turnover for online gatekeepers found breaching the new rules.

https://fudzilla.com/news/52057-big-...ines-in-the-eu